EUR/USD Signal Update

Yesterday’s signals expired without being triggered.

Today’s EUR/USD Signals

• Risk 0.75%

• Entries must be made between 8am and 5pm London time.

Short Trade

• Short entry following bullish price action on the 1H1 time frame H1H1H1 time frame following the first touch of 1.2900.

• Put the stop loss 1 pip above the local swing high.

• Move the stop loss to break even when the trade is 25 pips in profit.

• Remove 25% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.

Long Trade

• Long entry following bullish price action on the 1H1 time frame H1H1H1 time frame following the first touch of the lower bullish trend line shown in the chart below, which currently sits at around 1.2697.

• Put the stop loss 1 pip below the local swing low.

• Move the stop loss to break even when the trade is 25 pips in profit.

• Remove 50% of the position as profit when the trade is 25 pips in profit and leave the remainder of the position to run.

EUR/USD Analysis

The recent EUR bullishness has been continuing since the weekly open. The levels and the bullish channel and succession of higher lows I mentioned yesterday all remain intact. I disagree with my colleague Christopher Lewis’ strongly bearish attitude.

There is some resistance close by overhead at around 1.2840; if we break above this the pair should be able to reach 1.2900, which is a key level at which to look for a short trade.

I would welcome a long trade off the lower channel trend line if the price should fall there.

There are no high-impact data releases scheduled today concerning either the EUR or the USD today. Therefore it is likely to be a relatively quiet day for this pair.